Direct conversations about NFTs and celebrities
- The NFT popularity curve exploded after several celebrities jumped on the bandwagon.
- These campaigns can lead investors into a foggy world due to a cult of personality. Regulators warned to watch out for such incidents.
- BAYC continues to speak with high profilers including Eminem, Mark Cuban, Madone and more.
The audience on “The Tonight Show” chuckled when famous media personality Paris Hilton said “reminds me of me” when they saw a cartoon monkey.
Everyone loves Ape!
Hilton and the popular American comedian Jimmy Fallon talked about NFTs (non-fungible tokens), a digital art that can only be bought via cryptocurrencies. They talked about the Bored Ape Yacht Club (BAYC), and Fallon said “we’re both apes,” and Hilton shared that she loves it too.
Since its opening from January 2022, “The Tonight Show” has been consistent in bringing matter to audiences eager to know about the cooperation between the crypto sector and celebrities. Although Bored Ape Yacht Club (BAYC) was not the only big part in this space, but it benefited a lot from these hypes.
Big names including Tom Brady, baseball star David Ortiz and Gwyneth Paltrow were spiraled into legal cases in December 2022 during the FTX crash saga. Serena Williams, Justin Bieber and Jimmy Fallon were also named in a class-action lawsuit for creating celebrity hype in BAYC, CNN noted.
An NFT craze intensified as users become familiar with the rare digital objects that have a specific ownership, the BAYC collections of 10,000 unique digital arts can be used as creative projects, social media profiles, which indirectly benefit the creators. BAYC sits on a collection of 10,000 unique cryptographic tokens, based on the Ethereum (ETH) blockchain.
The pump of personalities can be harmful
Financial regulators had warned several times that celebrity endorsements are risky for everyone. “Celebrities and others use social media to encourage the public to buy stocks and other investments. These endorsements may be illegal if they do not disclose the nature, source, and amount of compensation paid, directly or indirectly, by the company in exchange for the endorsement,” the SEC said (Securities and Exchange Commission) in the form of BAYC lawsuits last December.
According to a news site, earlier this month, blockchain technology firm Yuga Labs settled a lawsuit against Thomas Lehman, developer of “misleading” BAYC NFTs, which resemble digital art by Ryder Ripps from and websites and smart contracts. The firm sued him for trademark infringement.
According to media reports, the biggest celebrity owners of BAYC NFTs include dozens of high-profile celebrities, such as Mark Cuban, Madonna, Eminem, Stephen Curry, Post Malone and more. The famous NFT has already gained a premium following on social media, via which they attract more and more celebrities.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
